Do you want to crush it with bigger real estate investing profits and million dollar paydays this year?
It makes sense that those seeking bigger dollar paydays would look to areas with high home prices. And if $1 million is just 1-10% of the sales price, that shouldn’t be too hard to squeeze in. Especially when you compare doing the same amount of work and trying to pull off a 25-50% margin on less expensive single family homes.
So where is America’s priciest real estate today?
According to a new luxury real estate market report from Coldwell Banker these are America’s top 10 zip codes with the highest volume of $10 million plus home sales in the last 12 months:
- 90210 – (Beverley Hills, CA)
- 81611- (Aspen, CO)
- 93108 – (Montecito, CA)
- 90077- (Los Angeles, CA)
- 33139 – (Miami Beach, FL)
- 90049 – (Los Angeles, CA)
- 90265 – (Malibu, CA)
- 92027 – (Escondido, CA)
- 06830 – (Greenwich, CT)
- 33156 – (Miami, FL)
While cheap and distressed neighborhoods might offer great bargains, they can take a lot more time and work to turn profits. Flipping houses on land contracts can be great, but if you aren’t that liquid and if local home buyers rely on mortgages and can’t get them you will certainly be limited.
However, we like the way president of Coldwell Banker brokerage puts it, by saying when it comes to price “there is no limit except imagination”.
If you find it hard to compete in these zip codes you can also try looking for sweet spots on the edge. For example Naples, FL is neighbored by Bonita Springs where home prices are about $51 a foot less yet enjoy all the same amenities, beautiful beaches and probably more life.
Just remember; don’t limit yourself and think BIGGER!